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最近,CFA协会发布通知:2020年CFA考纲变化已出。虽说CFA考纲每年都有变化,但是2020年的考纲变化相当之大,所以还是要留个心看看。
下面是详细的2019-2020年CFA考纲变化对比分析
一级考纲
Level 1的变化:整体来说,变化不大,都是一些很微小的调整。
①Reading数减少2个,从58个readings减少到56gereadings (所有的reading 序号如未特别说明,列出的是新版教材的序号)。
②学科顺序:将资产组合管理科目恢复到了最后的位置,所以现在的学科顺序为:职业伦理道德;数量方法;经济学;财务报表分析;公司金融;股权投资;固定收益投资;衍生品投资;其他类投资;资产组合管理。
③ 内容变化:
a) 经济学、股权投资完全没有变化。
b) 职业伦理道德:基本没有变化。
i. Reading 1 ethics and trust in the investment profession,通过新增两个LOS(describe professions and how they establish trust; explain professionalism in investment management)的方式列示原来被忽略的内容;同时去掉了对framework of ethical decision making的应用要求。
c) 数量方法:删除两个reading。
i. 删除原来的Reading 7 discounted cash flow applications,不过有一部分的知识点是和公司金融的内容重复的;
ii. Reading 11 hypothesis testing,新增一个LOS(对总体相关系数是否为0的非参数检验),意味着我们要学习和掌握一种非参数检验方法了;
iii. 删掉原来的Reading 13 technical analysis,该Reading移到了资产组合管理部分。
d) 财务报表分析:基本没有变化。
i. Reading 20 financial reporting standards, 删除4个LOS(describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards; compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting systems; identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework; analyze company disclosures of significant accounting policies);
ii. Reading 21 understanding income statements,删除一个LOS(describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014);
iii. Reading 26 long-lived assets,删除2个LOS(explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios; explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee);但本来有关经营性租赁和融资租赁的内容在后面的非流动性负债里就有涉及;
iv. Reading 28 non-current(long-term)liabilities,将原来的3个LOS合并成2个LOS(explain the financial reporting of leases from a lease’s perspective; explain the financial reporting of leases from a lessor’s perspective);更清晰一些,具体这一部分的内容是不是会涵盖长期资产删除的有关lease的内容,得要等官方教材发布。
e) 公司金融:基本没有变化。
i. Reading 32 capital budgeting,新增一个LOS(contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule);该知识点原本是和数量方法里的内容重合的,现在将数量方法里的内容删除,放在公司金融部分,要求掌握,使得cfa一级的整体内容会更精简。
f) 固定收益:基本没有变化。
i. Reading 44 introduction to fixed-income valuation,新增1个LOS(calculate annual yield on a bond for varying compounding periods in a year),这一部分内容小编估计是新写的,之前没有在固定收益部分做过相关的计算,具体也要等新版官方教材面市。
g) 衍生品投资:基本没有变化。
i. Reading 48 derivative markets and instruments,新增1个LOS(determine the value at expiration and profit from a long or a short position in a call or put option);这个LOS老师上课的时候一般都会讲解,只是协会此次特别要求要掌握。
h) 其他类投资:基本没有变化。
i. Reading 50 introduction to alternative investments,删除一个LOS(describe categories of alternative investments);这个LOS删不删影响都不大,您还是得要了解其他类资产类型有哪些。
i) 资产组合管理:新增一个reading(从数量方法科目转移过来的)。
i. Reading 54 basics of portfolio planning and construction,新增一个LOS(describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction);
ii. 新增Reading 56 technical analysis,原封不动地从数量方法移过来的。
二级考纲
Level II的变化:相较于Level I的微调,Level II变化稍微较大。
① Reading数减少3个,从51个readings减少到48个readings。
②学科顺序:没有发生改变,依然是:职业伦理道德;数量方法;经济学;财务报表分析;公司金融;股权投资;固定收益投资;衍生品投资;其他类投资;资产组合管理。
③内容变化:
a) 经济学、财务报表分析、股权估值、固定收益、其他类投资没有任何变化。
b) 职业伦理道德:原来的2个study sessions减少到一个;原来的5个readings减少到3个readings。
i. Reading 3 application of the code and standards:Level II 的第二个LOS 变为 explain how the practices, policies, and conduct do or do not violate the CFA Institute Code of Ethics and Standards of Professional Conduct;
ii. 删掉了原来的Reading 4 trade allocation: fair dealing and disclosure 和 Reading 5 changing investment objectives.
c) 数量方法:从原来的5个readings增加到了6个readings;换作者重新写了Reading multiple regression。
i. 删除了原来的reading 6 Fintech in investment management;
ii. 原来的reading 7 correlation and regression 改为reading 4 introduction to linear regression,删除3个LOS(calculate and interpret a sample covariance and a sample correlation coefficient and interpret a scatter plot; describe limitations to correlation analysis; formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance);这一小部分内容小编估计是移到了一级数量方法里面去了;
iii. 原来的reading 8 multiple regression and machine learning 分为了两个readings:reading 5 multiple regression 和 reading 7 machine learning;其中reading 5 虽然换了作者,不过LOS并没有发生改变;reading 7的LOS比原来的要求了解的会更多一些,毕竟它是单独作为一个reading出现的;
iv. 新增reading 8 big data projects;小编看来相当于是把删掉的泛泛而谈Fintech的内容,更细化地去了解Fintech的特定分支了(不需要再了解分布式记账系统等等)。
d) 公司金融:删掉一个reading,换作者重写了一个reading。
i. 删掉原来的reading 23 corporate performance,governance and business ethics;
ii. 重写了原来的reading 24 corporate governance 为reading 22 corporate governance and other ESG consideration in investment analysis,LOS全部发生改变。
e) 衍生品:删除了一个reading,从原来的3个readings减少到2个readings。
i. 删除原来的reading 41 derivatives strategies,因为19年的二级衍生品和三级衍生品这一部分的内容高度重合,所以是删除了二级的内容,保留了三级的对应内容。
f) 资产组合管理:删除两个reading,新增两个reading。
i. 删除原来的reading 46 portfolio management process;
ii. 新增reading 43 exchange-traded funds: mechanics and applications;
iii. 删除原来的reading 51 algorithmic trading and high-frequency trading;
iv. 新增reading 48 trading costs and electronic markets。
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